Ripple (XRP) is Bullish As long As it Stays Above This Critical Resistance Level: Analyst
TL;DR
- XRP has shown a weekly uptrend, with one analyst noting it has been above a major resistance level for over seven years.
- Whale activity has increased and could be viewed as a bullish factor for the asset’s potential rally.
XRP Keeps Trending up?
Despite trailing behind other leading cryptocurrencies in terms of gains, Ripple’s XRP is well in the green on a weekly scale, currently trading at around $0.59 (per CoinGecko’s data).
According to numerous analysts, the token’s price is poised for a further upward trajectory. The X user EGRAG CRYPTO claimed that XRP has been trading above a major resistance level called “Bifrost Bridge” for the past 2,650 days.
“For nearly 2,650 days, XRP hasn’t closed even HALF of a candle body or any significant part of it inside the Bifrost Bridge. What does this mean? It means XRP is in a solid uptrend with strong foundations, not breaking any structure on the higher time frames. Since the April 2017 breakout till today, XRP has been trending UP,” the trader argued.
The analyst believes a bull run is inevitable as long as the asset’s price stays above the $0.28 mark. “Everything else is just noise—more time to accumulate or trade other coins for XRP, just like I’m doing when hitting certain percentage gains,” EGRAG CRYPTO added.
For their part, Ash Crypto – a popular X user with over one million followers – predicted Ripple’s native token to soar to the $3-$5 range in the next six to ten months. The trader also envisioned Bitcoin (BTC) skyrocketing to as high as $250,000 for the same period.
Whales on the Move
XRP’s mild price resurgence as of late aligns with increased activity from whales. X user Ali Martinez revealed that such large investors have purchased more than 380 million tokens in the past ten days. The stash equals around $224 million at current rates.
The movement could have a positive impact on XRP’s price for two main reasons. First, it leaves fewer tokens available on the open market, which, combined with non-declining demand, might trigger a rally (at least that’s what the fundamental principles of the economy dictate).
Second, the whales’ activity could signal confidence, attract an additional number of investors into the ecosystem, and raise buying pressure.
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